Best Life Insurance provider

This is a discussion on Best Life Insurance provider within Shifting gears, part of the Around the Corner category; Hi I am writing as my own personal experience.
I went to HDFC Bank looking for some investment plans.
the ...

Hi I am writing as my own personal experience.
I went to HDFC Bank looking for some investment plans.
the executive there presented me with a SAP Plan with the following criteria:-

Plan period is of 5 years - Clearly mentioned by them

The investment made will be 1lac per year (my plan was of 5 lac rs)

Tax benefits on Interest Amount as well.

what I was not presented were the "Terms and conditions" which i had asked for earlier. Executive and everyone who were present that day said the Plan was of 5 years. Until I made the discovery in the terms and conditions also online that it was actually of 10 years but the amount can be withdrawn after 5 years with 50% the amount to be given after maturity of the plan.
this was NOT told to me by anyone.
Anyway, i have lodged a complaint with the HDFC life insurance and have canceled my policy.
I am writing this just as FYI to others who are planning to invest in HDFC Life insurance.
Highly unsatisfactory - MY experience

Thanks, Can you confirm if Accidental benefit is available in Amulaya Jeewan ?? I.e. Insured amount will be paid even death is caused due to an accident.

The insured amount will always be paid on the death of the insured, irrespective of the cause of death. However, some insurance companies do offer accidental death and permanent disablity riders. Here, if the company offers both, i.e. accidental death and permanent disablity, it is advised to go for it if the pro-rata increase is lesser. However some companies offer only accidental death rider, which in my opinion is not worth it because it only covers death similar to the main insurance policy. Now unless this rider comes at a very cheap price, it is not worth it. You can take a personal accident policy instead which comes dirt cheap.

PS: I just signed up with HDFC Standard Life's Term Assurance plan. It is the cheapest in the market currently.

I have LIC's term plan (forgot the exact policy name) & on inquiry I was informed that all term plans have disability clause built in at no extra charge. If one suffers from permanent disability then what happens is that he/she gets 10% of the sum insured every year till the end of the term.

The rates qouted above are plain vanilla term cover rates (inclusive of service tax). You can take riders separately. But HDFC SL doesn't offer permanent disability rider, its only accidental death. Not worth it IMHO. Check the website for online premium calculator and add the service tax to it.

Suicide within 1 year of issuance of any policy I guess is not eligible for the sum assured to be paid by any LI company.

Thanks a ton for all your replies. Basically, I was looking for if Term Pilicy covers death by accident [ either natural causes like floods, or by train/rail/road accident ], or death by health related issues.

Hi Gurus
I want to go for a term insurance and I am told that Kotak Mahindra's non-smokers policy is the best in the industry. can somone validate this?

It's is the cheapest available for non-smokers. If you haven't smoked even once in the last 10yrs, and if your blood nicotine levels confirm that, then you get a preferred term insurance at very low rate.

Quote:

Originally Posted by lambuhere1

Thanks a ton for all your replies. Basically, I was looking for if Term Pilicy covers death by accident [ either natural causes like floods, or by train/rail/road accident ], or death by health related issues.

Yes it does. Additionally if you have puirchased ADB rider (it's an add-n for Accidental Death Benefit), then you get double the sum assured in the event of death due to non-natural causes.

I Am looking for LIC policy for my kid to safeguard against my life and provide handsome money for his educations etc. I explored many option from their site but was not able to draw any conclusion. Anyone has taken some LIC policy for their kid kindly discuss your experiences.